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- Notcoin shows a bullish setup as analysts predict a potential rally following a breakout.
- The community decides to burn part of NOT tokens, dedicating some to charity for long-term impact.
In a recent analysis, prominent TradingView crypto analyst CobraVanguard identified a bullish pattern for Notcoin (NOT). On the daily chart, the token seems to be forming a Falling Wedge pattern, a technical pattern sometimes interpreted as a bullish indicator.
Potential Breakout Could Spark Bullish Momentum for NOT
CobraVanguard claims that should NOT break out of the Wedge pattern, an uptrend could start. Driven mostly by Bitcoin’s comeback, he forecasts an initial price objective at the Fibonacci retracing level of 0.618, or roughly $0.0012, with the possibility to hit a new all-time high (ATH) should the larger crypto market continue to rally.
Meanwhile, gaving increased by 10.10% over the last 24 hours, NOT is swapped hands at about $0.006385. Its daily trading volume has also jumped by more than 50%, coming to $129.62 million. This rise in volume points to robust market demand and can signal more price movement not too far forward.
Complementing recent events, CNF earlier revealed a token burn of DOGS and NOT, resulting from unclaimed tokens from their recent Telegram airdrop. These two initiatives together burnt $4 million worth of unclaimed tokens on October 9.
Emphasizing a commitment to long-term development and social impact, the community decided strategically to distribute some of the unclaimed tokens for charitable uses instead of burning all of them.
This strategy captures a growing trend in the crypto space whereby initiatives combine social responsibility with community-driven decision-making. As market conditions change, the planned token burn along with CobraVanguard’s technical view for NOT could help to position the token positively.
